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Life Insurance for Diabetics

How Diabetics Can Get the Best Life Insurance Rates

I won’t gloss over it: People with diabetes have an uphill challenge to get a well-priced life insurance policy. If your agent doesn’t have this type of inside knowledge, find another agent who does.

- If you have a life insurance policy issued before your diagnosis of diabetes, it likely has a much more favorable rating and premium. You are well-advised to keep that in place. If your agent is too quick to suggest that you cancel an existing plan and buy a new (even if it is larger) plan, get a new agent. You are allowed to carry as many life insurance policies as you like.
- If you have a term plan that is expiring or renewing at a higher rate, you may consider converting all of it or part of it into a permanent (whole life or universal life) plan with the original health rating kept intact. There is usually no additional medical exam.
- If your health improves, you should request a new medical exam and underwriting review with the goal of reducing your insurance premium. For example, if you no longer require oral medications for diabetes because diet and exercise are adequate, or if you quit smoking or lose weight, you will likely be eligible for a rate reduction. The insurance company can not raise your existing rate if they find some additional problems during the new exam.
- When applying for life insurance, you may gain the benefit of the reinsurance pools by requesting a larger policy, usually greater than $100,000 or $250,000. The higher face amount will trigger an automatic second review in most companies. The reinsurance group often comes back with a better rate.
- Work with a professional agent who can apply your case to more than one company. Some companies are more open to impaired risk cases, but only an experienced agent will know which ones are more open to diabetics. Get multiple quotes, but don’t waste your time with more than two or three companies. Some companies will allow you to transfer a completed underwriting package to another company, but you will have to ask.

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